Canadian real estate ranks #3 in worldNetNewsLedger Canada has been ranked #3 in the World Real Estate House Prices by OECD slightly behind Belgium and Norway yet ahead of France #5, England #8, Italy #13 and the U.S.A. which came in at #19 in affordability. The international real estate watchdog expressed concerns in the event that interest rates started to rise resulting in much higher monthly mortgage payments.

'Norton Lake' proposed as name for new housing projectBrampton Guardian Peel Region housing officials are suggesting the municipality's new Queen Street affordable housing project be named Norton Lake, in recognition of the family that farmed that area of Brampton.
"Several names were suggested that reflect the historical significance of the area," states a report going before region council about the new affordable rental apartment at 1155 Queen St. E.

Government charges blamed for record new home costsToronto Star Up to one-quarter of the cost of a new home in the GTA is the direct result of government fees — especially municipal development charges that have skyrocketed in less than a decade, according to a new report by the building industry.
The growing list of fees being slapped on new home buyers now adds up to an average of $118,400, or 23 per cent, of the price of a new, single-detached home in the GTA, and more than $64,000, or 20 per cent, of the cost of a new highrise condo, said the Building Industry and Land Development Association.

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Transportation plan open house on June 17The Brampton News The Region of Peel is inviting current and future clients, caregivers, social service providers and advocates to take part in the planning for accessible transportation services in Peel. Anyone who is interested in shaping Peel's Accessible Transportation Master Plan is welcome to attend the June 17 open house. Attendees are invited to come learn and provide input on such topics as electronic fare payment, travel training, eligibility requirements and a rider Bill of Rights. The Region will use the feedback from the process to clarify the vision, plan for the future of accessible transportation and recommend specific improvements.

RBC mortgage rates to riseFinancial Post One of Canada's biggest mortgage lenders says many of its rates are going up.
Royal Bank of Canada says the increases will range from one-tenth to two-tenths of a point, depending on the type of mortgage.
The biggest increase affects a five-year closed mortgage that RBC has been offering at 3.09 per cent — a promotional rate below the regular rate of 5.14 per cent.
The special five-year rate will rise to 3.29 per cent.

How a house sale repair clause led to a law suitToronto Star Most home sale deals are conditional on the buyer being satisfied with an inspection. If the inspector finds problems that are big enough, the buyer usually wants them corrected in order to go through with the deal.
As the following case shows, if you are not careful about how you word the repair clause, you might end up in court.

How a real-estate pro fights a bidding warThe Globe and Mail Many reports say the market is slowing down, and while that may be true in some areas, there are many Toronto-area neighbourhoods where resale housing continues to be red hot. This is especially true in the coveted $400,000 to $600,000 range. And it isn't just downtown — I've seen and been a part of bidding wars happening in suburban locations such as Pickering and Ajax too.

Agents Equity This unique Internet service lets you receive advance payment of your real estate sales commission before closing for immediate access to the money you've earned.
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Loblaw's choice properties target 6.5 per cent yieldPunch Choice Properties Real Estate Investment Trust, the REIT created by Loblaw, is targeting a yield payout of six per cent to 6.5 per cent for its $400 million initial public offering, according to sale documents. Loblaw created the REIT to spin off about 75 per cent of its real estate, the Brampton, Ontario-based grocer said in a recent statement. Properties include 415 stores, one office complex and nine warehouses totaling about 35.3 million square feet, according to sale documents.

Controversy in Richmond Hill over social housingToronto Star After waiting more than five years for a Richmond Hill social-housing spot, a proposed downtown building with subsidized units seems perfect to Joan Jensen.
"For me, it would be an ideal situation," says Jensen, 69, from her basement apartment, where she worries rent could soon go beyond the $775 she's managing to pay now.

More companies opt to put the old office cubicle out to pastureWindsor Star The work cubicle, the 9 to 5 grind and even the term "office workers" may soon be relics of the past.
By creating flexible work environments, companies such as Telus have achieved huge gains in employee productivity, engagement as well as significant savings in real estate costs.

In Brampton, 3 generations, 1 houseThe Globe and Mail Four families, three generations in one house. To be more specific: two brothers, their mother, their wives and collective group of three children. They occupy the main floor and five bedrooms on the second floor of the house.

It all comes down to this: Mayor to learn her fate in 2 weeksCaledon Enterprise Mayor Hazel McCallion will find out in two weeks whether she'll be turfed from office or exonerated of conflict of interest charges. Those are among the possible outcomes as Superior Court Justice John Sproat will deliver his ruling in the case on June 14 at 10 am.

Upbeat new housing numbers could be 'last hurrah'Financial Post New housing already purchased and in the pipeline continues to propel the Canadian real estate market but worries persist about what happens when that tap turns off. For now, the industry got another bit of good news with Canada Mortgage and Housing saying new home construction or starts reached the lofty 200,000 level in May on a seasonally adjusted annualized basis.